While agents often hear frustrations from clients when it comes to dealing with third-party vendors for premium audits, SFM continues to conduct nearly all audits in-house.

In a typical year, only about 1 percent of SFM policyholders’ premium audits are handled by a vendor partner. And in 2023, SFM completed more than 19,000 audits.

“A lot of times, policyholders are used to dealing with an employee who works directly for their insurer, and they can be leery of providing sensitive documents to an outside vendor,” said DeAnne Misgen, SFM’s Premium Audit Team Leader. “At the same time, for employers that prefer or are accustomed to an in-person audit, that can also pose a challenge, because most third-party audits are conducted remotely.”

SFM’s premium auditors also have years of experience in the field — some have more than 20 years of experience, and Misgen herself is approaching the 20-year mark in the industry.

Also of note, SFM continues to upgrade its MyPayroll system to make the process easier for users, and recent surveys show policyholders give the premium audit experience at SFM high marks.

Lastly, agents should remind policyholders of the SFM resources available to them regarding premium audits:

• Annual premium audits
• Tips for a smooth premium audit
• Preparing for your Wisconsin Worker's Compensation Insurance Pool premium audit
• What is a premium audit? (handout)
• Premium audit CompTalk

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